Premium Bank's interest income lowered by 200,000 manats

12:03 - 17.04.2024

April 17, Fineko/ In the 1st quarter of 2024, Premium Bank's interest income decreased by 200,000 manats compared with Q1 of 2023 and amounted to 7.8 million manats.

ABC.AZ informs that interest expenses grew by 300,000 manats up to 2.9 million manats.

There is also a serious decline in Premium Bank's non–interest income - this figure decreased by 600,000 manats to 3.8 million manats from last year's 4.4 million manats. First of all, fees and commission income in the bank lowered by 200,000 manats from 3.1 million to 2.9 million manats. On the other hand, without changing the foreign currency, revenues decreased from 1.3 million manats to 900,000 manats.

Amid declining revenues, Premium Bank switched to savings. First of all, the funds spent on salaries in the bank have hardly changed since last year - 1.5 million manats is an indicator of savings. On the other hand, administrative expenses dropped almost by 300,000 manats. Usually, such a reduction occurs when a branch is closed, but Premium Bank did not inform about the closure of the branch.

Other expenses of the bank also decreased almost by 1 million manats - from 4 million to 3 million manats. As a result, Premium Bank's net profit reduced by about 1 million manats, or 27%, to 2.57 million manats compared with Q1 of the previous year.